Resolution of the Board of the National Bank of the Kyrgyz Republic No. 49/4 of 16 June 2010 on Amending and Supplementing Resolution of the Board of the National Bank of the Kyrgyz Republic No. 5/1 of 31 January 2007 on the Regulation on Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic, Registered with the Ministry of Justice of the Kyrgyz Republic on 5 March 2007, Registration Number 27-07

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of 16 June 2010 No. 49/4

On Amending and Supplementing the Resolution of the Board of the National Bank of the Kyrgyz Republic of 31 January 2007 No. 5/1 "On the Regulation 'On Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic', Registered with the Ministry of Justice of the Kyrgyz Republic on 5 March 2007, Registration Number 27-07"

In accordance with Articles 7 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To introduce into the Resolution of the Board of the National Bank of the Kyrgyz Republic of 31 January 2007 No. 5/1 "On the Regulation 'On Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic', Registered with the Ministry of Justice of the Kyrgyz Republic on 5 March 2007, Registration Number 27-07" the amendments and supplements (attached).

2. This resolution enters into force from the moment of signing.

3. After official publication, the Legal Department shall send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Normative Legal Acts of the Kyrgyz Republic.

4. The Non-Bank Institutions Supervision Department shall bring this resolution to the attention of microfinance companies.

5. Control over the execution of this resolution shall be assigned to the Acting Deputy Chairman of the National Bank of the Kyrgyz Republic, A.A. Myrzaev.

Acting Chairman of the Board of the National Bank of the Kyrgyz Republic	Z. Chokoev

	Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of 16 June 2010 No. 49/4

AMENDMENTS AND SUPPLEMENTS to the Resolution of the Board of the National Bank of the Kyrgyz Republic of 31 January 2007 No. 5/1 "On the Regulation 'On Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic', Registered with the Ministry of Justice of the Kyrgyz Republic on 5 March 2007, Registration Number 27-07"

To introduce into the Regulation on Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic, approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of 31 January 2007 No. 5/1 "On the Regulation 'On Licensing, Reorganization and Liquidation of Microfinance Companies in the Territory of the Kyrgyz Republic', Registered with the Ministry of Justice of the Kyrgyz Republic on 5 March 2010, Registration Number 27-07", the following amendments and supplements:

1. Throughout the text, replace the abbreviation "NBKR" with the words "National Bank" in the appropriate case forms.

2. Supplement clause 2.1 of section 2 after the word "charter" with the words "and license".

3. Supplement subparagraph 1) of clause 4.3 of section 4 with a paragraph of the following content:

"- information regarding the supervisory regime to which it is subject, including written confirmation from the supervisory authority of the country of origin (registration) of the foreign legal entity that the applicant is authorized to carry out financial, banking or other activities, and that the supervisory authority is ready to cooperate with the National Bank on an ongoing basis".

4. In subparagraph 2) of clause 4.6 of section 4, replace the word "founders" with the word "shareholders".

5. Throughout the text, replace the word "participants" with the word "shareholders" in the appropriate case forms.

6. Supplement section 4 with clauses 4.10 and 4.11 of the following content:

"4.10. MFCs meeting the requirements of paragraph 2 of Article 16 of the Law "On Microfinance Organizations in the Kyrgyz Republic" and subparagraph 3.4 of this Regulation shall submit to the National Bank an application of intent to obtain a license for the right to accept time deposits, with the simultaneous submission of documents provided for by Article 15 of the Law "On Microfinance Organizations in the Kyrgyz Republic" and clause 4.6 of this Regulation".

"4.11. The NBSD shall review the received documents within a period not exceeding thirty calendar days from the moment of their receipt. The period for reviewing documents may be extended by the Member of the Board of the National Bank supervising the NBSD by ten calendar days".

7. In clause 9.3, replace the words "sends to the justice authorities" with the words "issues to the applicant".

8. In subparagraph 9.6.3 of clause 9.6 of section 9, replace the words "sends a letter of consent" with the words "issues to the applicant a letter of consent for submission".

9. Supplement clause 9.6 of section 9 with subparagraphs 9.6.5 and 9.6.6 of the following content:

"9.6.5. The MFC is obliged to notify the National Bank of the results of the final registration of the issue of securities of the MFC in accordance with the legislation on securities within thirty calendar days from the moment the issue is recognized as having taken place and the report on the results of the issue of securities is registered.

In addition to the notification, the following must be submitted:

1) the decision of the authorized state body for regulation of the securities market on registration of the report on the results of the issue of shares;

2) an extract from the register of shareholders, signed by the registrar, on the changes made, or a new register of shareholders.

9.6.6. Amendments and supplements made to the charter of an MFC are an integral part thereof and enter into force from the date of their state registration in the manner established by legislation".

10. Supplement clause 9.7 of section 9 with subparagraph 9.7.3 of the following content:

"9.7.3. When agreeing to an increase in the size of the charter capital of an MFC, the National Bank may require the submission of information in the manner provided for newly created MFCs, and may also require the submission of additional information regarding the financial condition of the shareholders of the MFC and the operations they conduct, on the submission of the constituent documents of the shareholders and their financial and other reporting".

11. Restate subparagraph 9.8.7 of clause 9.8 of section 9 in the following wording:

"9.8.7. An MFC that has changed its name must surrender to the NBSD the license with the old name. The NBSD shall replace the MFC's license with an explanatory note stating that this license is issued in exchange for the license with the old name. The NBSD shall make a corresponding entry on the replacement of the license in the register".

12. Restate subparagraph 9.9.1 of clause 9.9 of section 9 in the following wording:

"9.9.1. A change in the location (postal address) of an MFC may be accompanied by changes in the name of the settlement, the name of the street, the number of the house, or the relocation of the MFC to another settlement. A change in the location of an MFC within one settlement does not entail the replacement of its license and does not require the making of corresponding changes to the constituent documents. When changing the location, the MFC shall submit the following documents to the NBSD:".

13. In clause 10.1, replace the words "founders (participants)" with the word "shareholders".